Which annexes to the Commission Delegated Regulation (EU) 2019/980, i.e. Annex 3 and Annex 12 or Annex 1 and Annex 11, should be used to prepare the simplified prospectus referred to in Article 14 of the Prospectus Regulation in the case specified in Article 14(1)(d) of the Prospectus Regulation?

Explanation: Pursuant to Article 14(1)(d) of the Prospectus Regulation a simplified prospectus under simplified disclosure regime for secondary regime may be drawn up by, among others, issuers whose securities have been offered to the public and admitted to trading on an SME growth market continuously for at least two years, and who have fully complied with reporting and disclosure obligations throughout the period of being admitted to trading, and who seek admission to trading on a regulated market of securities fungible with existing securities which have been previously issued.
However, we note that certain competent authorities in the EU require that a simplified prospectus in the case referred to in Article 14(1)(d) of the Prospectus Regulation, i.e. the issuers transitioning from the SME Growth Market and meeting conditions specified therein shall prepare the Prospectus in accordance with Annex 1 and Annex 11, i.e. in accordance with full disclosure regime with the exception that only financial information would be limited as in the simplified prospectus.

Therefore, we kindly request the European Securities Market Authority to clarify which annexes to the Commission Delegated Regulation (EU) 2019/980 should be required to prepare a simplified prospectus referred to in Article 14 of the Prospectus Regulation in the case specified in Article 14(1)(d) of the Prospectus Regulation.

Paragraph 558 of the Guidelines (p.289) clarifies that ‘TRs should update the TSR based on the latest information for a given derivative as derived from the field ‘Event date’. Use case 4 in the Guidelines (p. 291) further illustrates that in the case of late reporting of historic events, the relevant information should be updated in the TR’s database only until the Event date of the subsequent event to avoid overwriting the information from more recent reports.

In this context, how should counterparties report historic corrections on outstanding derivatives that were not yet upgraded after EMIR Refit go-live (and thus no Event Date was previously reported for those derivatives)? How should trade repositories consider the sequencing of submissions to determine the validity of historic corrections?

(a) What types of errors should be reported to ESMA and all affected rated entities?
(b) Does Article 8(7)(a) require a CRA to notify ESMA and all affected rated entities of an error which does not lead to a change in any issued credit rating?
(c) Are CRAs allowed to notify the errors in rating methodologies to the affected entities in the press release or credit report published after the re-rating exercise?

Is it possible to execute cross orders in liquid non-equity instruments below the large in scale (LIS) thresholds on a trading venue?

Can an investment firm which is licensed under the MiFID II Directive, conduct it business such that it is carrying out an investment activity and not providing an investment service?